General Regulation

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Management companies Anti-money laundering

Prevention of money laundering and the financing of terrorism

Published on November 26, 2015

The AMF is one of the competent authorities in the supervision of systems implemented by players in the financial sector to combat money laundering and the financing of terrorism. It takes part in ongoing efforts by France to keep its national system up to the highest standard.

Powers of the AMF in the fight against money laundering

In application of Article L. 561-36 of the Monetary and Financial Code, the AMF is the competent authority in anti-money laundering and combating the financing of terrorism (AML/CFT) efforts implemented by the following entities:

  • asset management companies in respect of investment services provided, as well as asset management and management companies in respect of the marketing of shares or units of collective investment undertakings, regardless of whether they manage these undertakings,
  • Financial investment advisors,
  • Crowdfunding advisors,
  • Central securities depositaries for financial instruments and managers of financial instrument settlement systems,

The AMF General Regulation specifies the obligations applicable to entities regulated by the AMF:

  1. Obligation of vigilance
    Working on a risk-based approach (clients, products, operations), the obligation of vigilance implies keeping an updated identification of clients, including occasional clients and effective beneficiaries of "legal personality" clients. The level of vigilance depends on the level of the risks incurred (no vigilance required, reduced, streamlined, additional, reinforced vigilance, etc.) This obligation requires the professional to perform its own classification of the risks and to implement a formalised control system for its activity developed in accordance with the AMF guidelines specifying certain provisions on the prevention of money laundering and the combat against the financing of terrorism.
  2. Obligation to report any suspicions to TRACFIN

    What is TRACFIN?
    TRACFIN handles the processing of information and action against illegal financial circuits and is the French anti-money laundering unit. Set up in 2007 in the wake of a G7 summit, TRACFIN contributes to developing a healthy economy by combating illegal financial circuits, money laundering and the financing of terrorism.

    The obligation to report any suspicions is based on a money-laundering risk analysis and applies to any suspicion of tax fraud or breaches of ordinary law punishable by a prison sentence of more than one year.

The AMF may conduct documentary audits and on-site inspections of compliance by professionals with their AML/CFT obligations and may report any breaches it observes to the AMF Enforcement Committee

Coordinated French action

The AMF contributes to ongoing efforts by France to keep its national system up to the highest standard, notably by collaborating with the Autorité de Contrôle Prudentiel (ACP) and by the presence of its Secretary General (or his representative) on the Conseil d’Orientation de la Lutte Contre le Blanchiment de Capitaux (COLB, Anti Money-Laundering Steering Committee).

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Legal information
Head of publications: Florence Gaubert, Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02